Patrick Kennedy is to step down as chief executive of Irish bookmaker Paddy Power in April 2015, the company has confirmed.
Kennedy joined the group in 2005 and has served as chief executive since January 2006. "We will be sorry to see Patrick go next year, but are extremely grateful for his service over the years,” said chairman Nigel Northridge. “He has overseen a period of exceptional development and growth in Paddy Power: in 2005, we earned pre-tax profit of €31m, last year it was €141m.
“He has advised the board of his intention to step down next year, giving notice well in excess of his contractual obligation. In doing so, Patrick has given us more than adequate time to run a thorough process and ensure a smooth transition."
The board’s nominations committee is now beginning the process of selecting Kennedy’s replacement and will consider both internal and external candidates.
Kennedy said he had “loved every day” of being Paddy Power's chief executive.
“It is as fun and as interesting a job as anyone could hope to have and I have had the privilege of working with some enormously talented and supportive people over the years that I've been here.”
